Asian Business Angel Forum 2017 empowers local startup ecosystem

By Shannon Jayawardena

The Lankan Angel Network, a platform for local angel and private investors, conducted Asia’s largest signature start up investor forum – the Asian Business Angel Forum 2017 (ABAF Sri Lanka) – for the first time ever in Sri Lanka.

The forum gathered some of the most prominent angels, venture capitalists and High Net Individuals (HNIs) from across the world together onto one platform, providing Lankan startups and corporates a one-of-a-kind networking and knowledge sharing experience. 

Lankan Angel Network Chairman Mano Sekaram said: “The most important thing is the workforce. We’ve built a culture of openness. That’s what’s important.”

Keynote speaker Entrepreneur and former Ambassador Singularity University Clarence Tan added: “When you see knowledge, you must share it and apply it to benefit all.”

Additionally, held in parallel with ABAF 2017, was Venture Engine, Sri Lanka’s most successful platform for accelerating and expanding the country’s most promising entrepreneurial concepts. Since its launch in 2012, Venture Engine has reached immense success by receiving awards for its outstanding commitment to empower local entrepreneurship over the years. In 2014, the program was awarded at the Asia Responsible Entrepreneurship Awards Program and has invested in many key investments since then.

Direct2Door, Mak Technologies Ltd., Lanka BPO Academy, Wild Trails, Takas.lk, mywish weddings and 247 Techies are some of the startups funded by the program.

Over 50 participants from about 40 local startups from sectors varying from ecommerce, manufacturing, apparel, transportation, jewellery, marketing, data sciences and technology sectors participated at ABAF to gain resourceful knowledge and to partner with possible buyers.

The forum welcomed attendees from about 20 countries – Sri Lanka, USA, UK, Australia, Hong Kong, China, Korea, Israel, Dubai, India, Malaysia, Singapore, Pakistan, Bangladesh, Indonesia, Mauritius, Netherlands, Japan, France and Germany.

Vice President of SEA and Google India Rajan Anandan, who was a moderator and panellist of the forum, stated: “Startups are the driving force of innovation and disruption fuelling economic growth like never before. It is with this vision that the Lankan Angel Network was formed to empower local entrepreneurship and lay the foundation for Sri Lankan startups.”

It is evident that startups are a drying field in our economy for local businessmen often fail to grasp the right approach. For the very purpose, the Lankan Angel Network through its forum invited over 25 network investors and international delegates to participate in a wholesome event, gaining experience and stronger motives.

The event also gave stage to some of Sri Lanka’s leading entrepreneurs to share insight on their business and resourceful information on how to create a powerful empire from scratch.

Sri Lanka’s leading pure play ecommerce platform takas.lk founder Lahiru Pathmalal also gave advice on the topic by saying: “Takas meets key demands of Sri Lankan consumers with the island’s first pure play ecommerce site.”

WSO2 Founder and CEO Sanjeewa Weerawarana highlighted that his company is run by himself and his committee while their sole aim is to “build a company that marks its place in the market industry on a broader platform globally.”

Young local entrepreneurs showcased their interest and creativity, successful businessmen and women shared the payoff of their hard work and international delegates participated as potential investors at the conference.

“It was very interesting to see the quality of talent in terms of the tech talent here. Despite Sri Lanka being a small market they’re really building world class businesses on a global platform,” said Crescent Enterprises United Arab Emirates Vice President Tushar Singhvi.

Pix by Upul Abayasekara